Colm McEvoy Auctioneers have been instructed to bring the first Retirement Village in Co. Kildare to the market. This is one of the few remaining all income tax-based investment property schemes.

 

The properties range in price from €321,750 - €353,500 including VAT and are fully furnished to a turn-key specification.

 

The properties will attract capital allowances of approximately 91% of the purchase price, therefore between €292,790 and €321,685 capital allowances are available to the investor. Investors will be able to write off up to €31,750 of allowance each year for seven years against all income and the remainder against Irish Rental Income.

 

The developer has guaranteed rental income for the first five years of the scheme, of €7,000 per annum net of service charge and letting fees for each investor. A rent pooling arrangement will also be put in place over the ten-year period.

 

The units must be held by the investor for a period of ten years in order to avoid any clawback of allowances.

 

At the end of ten years the purchaser of the unit will have the option of re-letting the unit to the nursing home, letting it privately or selling it on the open market.

 

Athy is strategically located in South Kildare on the N78 National Route with direct bus and rail links and is becoming a very popular commuting town. The development comprises of forty two-bed bungalows, ten two-bed apartments and a Day Care Centre. The development is located adjacent to the Clover Lodge Nursing Home which will provide 24 hour nursing care.

 

Gillian Earley of Colm McEvoy Commercial commenting on the development said “This development offers investors one of the few remaining opportunities to claim back allowances against all income with a ten-year tax product. The Retirement Village concept is new to Co. Kildare but has been very successful in Counties Meath, Wexford and Waterford to date, offering tenants their own homes but with the security of the Nursing Home care. The development offers its tenants the security and stability of 24 hour nursing care at the press of a button. Athy is becoming a popular commuting town with direct road and rail access to Dublin, Carlow, Portlaoise, Kilkenny and beyond.”

 

For further details please contact Gillian Earley and Anne-Maire McEvoy selling Agents of Colm McEvoy Auctioneers, Newbridge Office Tel: 045 – 434138.